Innovo Property Group, represented by JLL Capital Markets, has secured $354 million in financing to complete a new industrial development at 28-90 Review Avenue in Long Island City, Queens. Total capitalization includes multiple financial packages for acquisition, construction, and development costs provided by Axos Bank, Cerberus Capital Management, and Goldman Sachs Asset Management’s Urban Investment Group.
The property at 28-90 Review Avenue represents an assemblage of more than four acres near the Newtown Creek waterfront. Renderings from KSS Architects show a six-story concrete structure with an entry ramp and loading docks for large trucks, a cantilevered volume with red cladding, rooftop solar panels, and an open-air parking garage.
When complete, the building will comprise 352,000 square feet of industrial manufacturing space. There will also be a parking garage designed to accommodate 174 vehicles and an unspecified number of surface-level parking spaces.
JLL represented Innovo Property Group LLC in securing construction financing through Axos and Cerberus Capital Management. Additionally, JLL lined up the equity with IPG and Goldman Sachs Asset Management’s Urban Investment Group.